June 8, 2023 [RTT News]- Oil prices edged higher in choppy trade on Wednesday as investors weighed fuel demand concerns against optimism over OPEC’s recent decision extension of production cuts.

Benchmark Brent crude futures edged up 0.2 percent to $76.45 a barrel, while WTI crude futures were up 0.3 percent at $71.88.

Prices received some support after new figures from the American Petroleum Institute revealed a decrease of 1.7 million barrels in U.S. crude oil inventories during the week to June, helping ease market worries over falling demand.

The U.S. Energy Information Administration’s (EIA) data on oil stocks will be released later in the day.

Meanwhile, China reported weak trade data, adding to concerns surrounding slowing global growth.

Official data showed Chinese exports fell 7.5 percent from a year earlier in May, marking the first drop in three months. Imports fell 4.5 percent, indicating slowing overseas demand for Chinese goods.

Global real GDP growth will slow sharply this year to 2.1 percent, from 3.1 percent in 2022, before rebounding a bit to 2.4 percent in 2024, the World Bank said in a report.

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